This story was originally published in Multifamily Executive.
An 11-unit apartment building in Los Angeles has recently sold for $3.95 million, a new record high for the 90048 ZIP code at $658 per square foot. The high per square foot price from the property beats out the previous local record of $582 per square foot from 2018.
Commercial real estate firm Kidder Mathews represented the seller Bentley Place and sold the property to buyer Smith Spokane.
Located at 315 S. Hamel Road, the building resides in the Beverly Grove neighborhood, just north of Beverly Hills. The area has several large-scale projects in progress, including the Metro train station, the Four Seasons’ condos, and the Rick Caruso skyscraper scheduled for construction on the Lohemann’s site.
“This is the second time I have sold this property. Last year, it sold for $3,225,000 with six of the 11 units vacant. Since then, the property has become completely vacant, and even so, it generated a lot of interest during the marketing period,” says Michael Monempour, multifamily investment broker at Kidder Mathews. “The buyer purchased the property under very favorable financing terms, which gives him time to rehab and stabilize the asset. I believe it will do very well in the long run due to the popularity of the area.”
This story was originally published in Multifamily Executive.